Cytokinetics (NASDAQ:CYTK) Stock Rating Lowered by Zacks Investment Research

Cytokinetics (NASDAQ:CYTK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “

Several other equities research analysts have also recently commented on the company. BidaskClub cut Cytokinetics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 14th. Raymond James started coverage on Cytokinetics in a research note on Friday, July 10th. They set a “strong-buy” rating and a $39.00 target price for the company. JMP Securities raised their target price on Cytokinetics from $23.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Piper Sandler raised their price objective on Cytokinetics from $33.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Finally, Mizuho initiated coverage on Cytokinetics in a research note on Saturday, May 23rd. They issued a “buy” rating and a $31.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $36.50.

Shares of CYTK opened at $21.62 on Friday. Cytokinetics has a 1 year low of $7.72 and a 1 year high of $29.20. The business has a 50-day moving average of $24.08 and a 200-day moving average of $17.29.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.66) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.16). The company had revenue of $3.83 million during the quarter, compared to analyst estimates of $4.92 million. On average, research analysts anticipate that Cytokinetics will post -2.05 EPS for the current fiscal year.

In other news, Director Sandford D. Smith sold 6,667 shares of the firm’s stock in a transaction that occurred on Wednesday, July 15th. The stock was sold at an average price of $29.00, for a total value of $193,343.00. Following the transaction, the director now owns 6,667 shares in the company, valued at $193,343. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Santo J. Costa sold 29,999 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $19.82, for a total value of $594,580.18. Following the completion of the transaction, the director now owns 20,000 shares in the company, valued at approximately $396,400. The disclosure for this sale can be found here. Insiders sold 150,046 shares of company stock worth $3,428,550 in the last 90 days. Corporate insiders own 6.40% of the company’s stock.

Several hedge funds have recently bought and sold shares of CYTK. FMR LLC lifted its holdings in shares of Cytokinetics by 3.9% in the first quarter. FMR LLC now owns 1,926,824 shares of the biopharmaceutical company’s stock valued at $15,589,000 after purchasing an additional 73,141 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Cytokinetics by 36.8% during the fourth quarter. Victory Capital Management Inc. now owns 11,371 shares of the biopharmaceutical company’s stock worth $121,000 after acquiring an additional 3,057 shares during the period. Renaissance Technologies LLC lifted its holdings in Cytokinetics by 118.7% during the fourth quarter. Renaissance Technologies LLC now owns 153,767 shares of the biopharmaceutical company’s stock worth $1,631,000 after acquiring an additional 83,467 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Cytokinetics by 137.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 327,302 shares of the biopharmaceutical company’s stock worth $3,473,000 after acquiring an additional 189,598 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Cytokinetics by 0.7% during the fourth quarter. Bank of New York Mellon Corp now owns 639,998 shares of the biopharmaceutical company’s stock worth $6,790,000 after acquiring an additional 4,618 shares during the period. Institutional investors own 93.65% of the company’s stock.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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